WWE (NYSE:WWE) news for Friday about changes to its management team has WWE stock taking a beating.
A WWE new release reveals that both George Barrios and Michelle Wilson are no longer with the company. These are the two Co-Presidents of the company and their departure is immediate. To go along with Barrios and Wilson’s removal from their Co-President decisions, the two also no longer serve on the WWE Board of Directors.
WWE news doesn’t stop here. Frank Riddick III is also going to be taking over as the interim CFO of the company. This will have him reporting directly to Chairman and CEO Vince McMahon. Riddick has been a member of the WWE Board for 11 years.
WWE is also looking for a permanent Chief Financial Officer that will take over from Riddick. To go along with this, the company is also conducting a search to find a permanent Chief Revenue Officer.
McMahon says this about the WWE management change news.
“I would like to thank George and Michelle for their 10+ years of service and contributions to the organization. I am grateful for all that was accomplished during their tenure, but the Board and I decided a change was necessary as we have different views on how best to achieve our strategic priorities moving forward.”
The WWE news about a change in management comes ahead of the company’s fourth-quarter earnings report. It will release this on Feb. 6 before the markets open.
WWE stock was down 22.46% as of Friday afternoon.